Bitget UEX Daily | US Stocks Retreat; Fed Minutes Signal Inflation Concerns; Crypto Market Cap Drops Over 5% (October 8, 2026)

I. Hot News Highlights

1. Federal Reserve: Inflation concerns dominate as another rate hike remains possible this year

Minutes released on October 7 from the Federal Reserve's September meeting showed that policymakers unanimously supported a 25-basis-point rate increase on September 15–16, although they differed over the underlying reasons. Some officials emphasized the inflationary impact of higher energy prices, while others were concerned about persistent demand-driven inflation. Most participants considered further tightening potentially necessary this year, but markets continued to favor a pause in October. As of the morning of October 8 Beijing time, futures implied approximately a 19% probability of a 25-basis-point October rate hike.

Market Impact: The Fed faces a difficult combination of elevated energy prices and resilient economic demand. Even if policymakers leave rates unchanged in October, expectations of higher rates for longer could keep long-term Treasury yields elevated and pressure growth-stock valuations. Investors should monitor labor-market data, oil prices and upcoming Fed commentary.

2. Oil: IEA accelerates reserve releases as Brent settles at $100.20

On October 7, the International Energy Agency announced plans to accelerate previously agreed strategic petroleum reserve releases, with priority given to diesel. Approximately 100 million barrels remain undelivered under the program announced in March. The figure does not represent a confirmed additional 100 million barrels of supply. Brent crude futures settled 0.38% lower at $100.20 per barrel, while WTI fell 1.3% to $88.28.

Market Impact: Faster reserve releases may ease near-term supply constraints, but they do not eliminate shipping disruptions in the Middle East or tight diesel availability. Lower oil prices could ease inflation and bond-yield pressure. Renewed supply disruptions, however, could quickly return energy prices to the center of equity-market and monetary-policy expectations.

3. AI Infrastructure: SpaceX seeks $40 billion to finance Nvidia chip purchases

According to Reuters reports on October 6–7, SpaceX is discussing approximately $40 billion in financing, comprising roughly $10 billion in bank loans and $30 billion in investment-grade debt, to purchase Nvidia AI chips. Negotiations are ongoing, and neither the financing nor the potential chip orders should be treated as completed transactions.

Market Impact: The potential deal highlights how AI infrastructure expansion is becoming increasingly dependent on large-scale financing. Nvidia may continue to benefit from substantial demand, but proposed purchases, funded orders, deliveries and recognized revenue are separate stages. Financing costs, equipment utilization and investment returns are becoming increasingly important to the AI investment outlook.

II. Market Review

1. Commodities and Foreign Exchange Performance

Spot gold	$4,113.89/oz	Oct. 7, 2:12 p.m. EDT
Spot silver	$59.86/oz	Oct. 7 US session
WTI crude	$88.28/bbl	November 2026 futures, Oct. 7 settlement
Brent crude	$100.20/bbl	December 2026 futures, Oct. 7 settlement
US Dollar Index (DXY)	102.23	Beijing morning, Oct. 8
US 10-year Treasury yield	5.284%	Oct. 7 US session

Gold declined 1.2% on October 7 to approximately a two-month low, while silver fell around 3%. A stronger US dollar and higher Treasury yields weighed on non-yielding precious metals. Crude oil fluctuated between supply-disruption concerns and the IEA's decision to accelerate reserve releases. Across asset classes, the central tension remains elevated energy-driven inflation alongside higher long-term interest rates.

2. Cryptocurrency Performance

• BTC: Approximately 83,319.82 USDT; the corresponding BTC/USD reference on the same Bitget page declined 2.39% over 24 hours.

• ETH: Approximately 2,581.07 USDT; the corresponding ETH/USD reference declined 4.22% over 24 hours.

• Total Cryptocurrency Market Capitalization: Approximately $2.848 trillion, down 5.24% over 24 hours.

BTC/USDT and ETH/USDT prices are sourced from Bitget, with timestamps of October 8 at 09:20:56 and 09:16:30 Beijing time, respectively. The stated percentage changes refer to the USD price series displayed on the corresponding Bitget pages, rather than separately verified USDT-pair changes. Total market capitalization is sourced from CoinGecko, updated at 08:58:31 Beijing time. These figures are not perfectly synchronized snapshots.

BTC | Liquidation Zones

A verifiable CoinGlass BTC liquidation map meeting the required freshness standard was unavailable. Accordingly, no upper short-liquidation zone, lower long-liquidation zone or calculated distance is reported.

ETH | Liquidation Zones

A sufficiently recent, verifiable ETH liquidation-intensity distribution was also unavailable. ETH's 24-hour price decline is confirmed, but it cannot establish where significant leveraged-liquidation clusters are located.

Institutional Cost Basis | BTC

In its October 5 disclosure, Strategy reported holding 848,000 BTC as of October 4, acquired for approximately $63.97 billion at an average cost of $75,440.70 per BTC. Using Bitget's BTC/USD reference price of $83,331.36 at 09:20:56 Beijing time on October 8, BTC traded approximately 10.46% above Strategy's disclosed average acquisition cost. This is a reference price-to-cost difference, not the company's overall investment return. A sufficiently verifiable, up-to-date aggregate cost-basis estimate for US spot Bitcoin ETFs was unavailable and has therefore been omitted.

Market Takeaway

BTC and ETH declined together. BTC remained approximately 10% above Strategy's disclosed average acquisition cost, but the absence of a current liquidation map prevents a reliable assessment of which side of the market faces greater concentrated liquidation risk. No conclusion about liquidation-zone and institutional-cost confluence is warranted.

3. Major US Equity Index Performance

Dow Jones Industrial Average	51,180.17	-0.66%
S&P 500	7,801.75	-0.22%
Nasdaq Composite	27,538.69	-0.22%

All three major US indexes closed lower on October 7. The S&P 500 and Dow ended four-session winning streaks as higher long-term Treasury yields, elevated oil prices and concerns surrounding AI-related debt financing weighed on sentiment. Smaller companies underperformed, with the Russell 2000 falling approximately 1.3%.

4. Magnificent Seven Performance

Nvidia	NVDA	237.42	-0.76%
Apple	AAPL	336.58	+0.88%
Microsoft	MSFT	529.63	+0.06%
Alphabet	GOOGL	350.39	+0.78%
Amazon	AMZN	259.90	+1.41%
Meta	META	721.08	-2.41%
Tesla	TSLA	377.72	-0.78%

Among the Magnificent Seven, four stocks advanced and three declined. Amazon led the group, while Meta recorded the largest loss. Despite the Nasdaq's relatively modest decline, performance among major technology companies diverged, suggesting that investors were differentiating between earnings prospects and valuation risks rather than selling the entire group indiscriminately.

5. Sector Moves

Industrials and Agricultural Machinery: The Federal Trade Commission and the US Department of Agriculture launched a public inquiry on October 7 into potential anticompetitive practices in agricultural equipment manufacturing and distribution, including restrictions affecting repairs and equipment access. Caterpillar (CAT) declined 5.74%, while Deere (DE) fell 3.79%. The inquiry remains an information-gathering process and does not constitute a finding of wrongdoing against either company.

Semiconductors: The Philadelphia Semiconductor Index lost approximately 1.2%. Nvidia declined 0.76%, while Micron Technology (MU) gained approximately 4.04%. The divergence underscores the importance of distinguishing AI compute spending, customer financing conditions and memory demand when assessing semiconductor earnings prospects.

III. In-Depth US Equity Analysis

1. Nvidia (NVDA): Strong AI chip demand faces a new financing constraint

Event Overview: Nvidia closed at $237.42 on October 7, down 0.76%. SpaceX is reportedly discussing approximately $40 billion in financing to purchase Nvidia AI chips, but the transaction remains under negotiation rather than a confirmed order.

Market Interpretation: The development illustrates two sides of the AI infrastructure cycle. Chip suppliers continue to benefit from substantial potential demand, while customers increasingly need external financing to fund their purchases. For Nvidia, the size of a proposed transaction does not automatically translate into recognized revenue. Financing completion, contractual commitments, delivery schedules and payment capacity remain important.

Investment Implications: Investors should watch whether SpaceX secures financing, whether formal purchase contracts follow, and whether capital providers demand higher returns to compensate for AI infrastructure risks. These milestones provide stronger evidence of sustainable demand than announced spending ambitions alone.

2. Tesla (TSLA): European FSD expansion faces regulatory scrutiny

Event Overview: Tesla closed at $377.72 on October 7, down 0.78%. A Reuters investigation published that day detailed the company's interactions with European regulators and cited safety researchers who questioned aspects of its supporting evidence. A previously anticipated October vote on EU-wide approval has been delayed until at least December. The current FSD system remains a driver-assistance technology requiring human supervision.

Market Interpretation: The valuation of Tesla's autonomous-driving business depends not only on technological performance but also on regulatory approval and paying-customer adoption. Delays in broader European authorization could push back the geographic expansion and revenue realization of its software offerings.

Investment Implications: Key indicators include the EU's revised voting schedule, the safety evidence required by regulators and subscription growth in jurisdictions where the system is already permitted. Approvals in individual countries should not be interpreted as EU-wide authorization.

3. Caterpillar (CAT): A sharp selloff requires separating regulatory uncertainty from actual exposure

Event Overview: Caterpillar closed at $813.90 on October 7, down 5.74%. The FTC and USDA launched a joint inquiry into competition in agricultural equipment markets, including equipment access, maintenance services and restrictive business practices. The announcement did not establish wrongdoing by Caterpillar.

Market Interpretation: Investors may have priced broader machinery-sector regulatory uncertainty into Caterpillar shares even though the company's principal businesses span construction and mining equipment. Assessing whether the selloff reflects lasting earnings risk requires determining whether the inquiry extends to Caterpillar's core business practices.

Investment Implications: Investors should monitor whether the inquiry leads to formal enforcement, which practices could face restrictions and whether Caterpillar changes its guidance. A sharp one-day decline alone does not establish permanent impairment of earnings power.

IV. Market & Project Updates

1. US Crypto Regulation: On October 5, the CFTC published an advance notice of proposed rulemaking seeking comments on a federal framework for leveraged and financed crypto-asset transactions. The process remains at the public-comment stage; no final rule has taken effect.

2. Tokenized US Equities: OKXICE, the joint venture between OKX and Intercontinental Exchange, filed with the SEC to establish a tokenized securities platform supporting around-the-clock trading of US stocks. The proposal covers more than 60 listed companies, but filing does not mean trading is already live.

3. Ripple Expands Into Traditional Finance: The Wall Street Journal reported on October 7 that Ripple Prime has expanded into swap financing for leveraged ETFs. The move extends Ripple's institutional activities into financing, brokerage and clearing services beyond cryptocurrency trading.

4. US Crypto Legislation: Following the Clarity Act's failure to advance in the Senate, industry groups are reassessing their political spending strategies ahead of the midterm elections. The setback leaves uncertainty over the future boundaries of federal crypto-market regulation.

5. Prediction Markets: Kalshi recently introduced a perpetual futures product linked to a US 500 equity index, extending its product range beyond event contracts toward instruments more closely resembling traditional market-price exposure. Regulatory classification and sustained customer demand remain the key developments to monitor.

V. Today's Market Calendar

October 8, 2026, Beijing time. Importance ratings are editorial assessments.

Oct. 8, 16:30	US	Fed Governor Christopher Waller speaks	★★★★
Oct. 8, 20:30	US	Initial Jobless Claims	★★★★★
Oct. 8, 22:30	US	EIA Natural Gas Storage Report	★★★
Oct. 8, 22:40	US	Minneapolis Fed President Neel Kashkari speaks	★★★★
Oct. 9, 01:00	US	US 30-Year Treasury Bond Auction	★★★★

Key Events Ahead: Initial jobless claims will provide an updated reading on the labor market, while Fed commentary could influence expectations for October and December monetary-policy decisions. With long-term Treasury yields already elevated, the upcoming 30-year bond auction is another important test of demand for duration. Weak demand could renew pressure on equity valuations.

Institutional View: On October 7, BlackRock Deputy Chief Investment Officer of Global Fixed Income Russ Brownback argued that the Fed's September rate hike did not imply a predetermined cycle of sustained tightening. His assessment emphasized that policymakers could remain vigilant about inflation while allowing subsequent economic data to determine the direction of policy.

Disclaimer: This report is provided for market information only and does not constitute investment advice. Market data reflect different timestamps. Unverified liquidation zones and aggregate ETF cost-basis estimates have not been fabricated or substituted with unsupported figures.